That ringing in your ears? That was this year’s starting gun; and there has never been one quite like it
Welcome To Your Nightmare
The streets are littered with wounded buyers. Shed a tear for those who sold at what looked like last year’s Peak, only to discover that it’s this year’s Valley.
(Some we spoke to were literally in tears–a $500,000 chasm has opened between where they were and where they thought they would be).
Malvern, Saturday, 11 AM. B-grade block in Shaftesbury Avenue Reserve $2.75m or about $3,800/sq metre. Upper end, but about right when compared to the last similar plot.
Game on. No fewer than eight hands a-waving before it’s all over at $3.21m. Just $700/sq metre more than when sense ran out of puff and was left gasping for breath a mile behind
Fluke? One off?
If you had found yourself stuck in traffic at 17 Spring Road you could have stepped off your bike and taken in the view of a crowd so big that traffic control was needed.
Reserve $4.4 million. Sold: $5.075 million. And all over in 90 seconds.
Just counting the $675,000 over-the-reserve slice, that’s $7500 a second, punters.
And it wasn’t a one-off or anything like it. Defying the predictions of the paid prognosticators, they were far from alone in kissing their reserves farewell
Here Be The Lesson
“I’d sell if there was something to buy,” is being heard and will be heard. Those who have are hanging on. The streets are alive with the sounds of renovations.
Rule of the Times: Sell before you buy is advice that is now expensively past its use-by date.
The Comforts of Off-market?
Ephemeral.
Works for some, burns others.
$10k/sq metre for land near the Village?
Really?
Really.